Notes to the consolidated financial statements
With an annual profit of CHF 41.6 million, the Jungfrau Railway Group achieved the best result in its history in 2017.
The Jungfrau Railway Group generated a total operating income of CHF 193.8 million, which corresponds to an increase of CHF 24.7 million. The most important source of income is still transport, which amounted to CHF 143.8 million in the reporting year, which is 14.1% over the previous year and 7.3% above the previous record year of 2015. Operating expenses increased by CHF 8.1 million. Accordingly, EBITDA rose by 23.4% to CHF 87.7 million and cash flow by 14.7% to CHF 63.6 million. Depreciation and amortisation remained unchanged at CHF 34.7 million. At CHF 53.0 million, for the first time EBIT exceeded the threshold of CHF 50 million, which corresponds to an EBIT margin of 27.4%. After a virtually balanced financial result and taxes, the annual accounts show an annual profit of CHF 41.6 million, 34.4% above the previous year.
Investments of CHF 29.8 million made during the reporting year 2017 were fully financed from cash flow, except for CHF 4.2 million in interest-free infrastructure loans from the public authorities for the Lauterbrunnen-Wengen route.
Investment focus points were on the new soft-adventure offer First-Glider, the expansion of the Harder Kulm restaurant, the conversion of the track and platform systems at Lauterbrunnen, the replacement of tracks and the safety system on the Lauterbrunnen-Wengen line, various upgradings of the power grid and the railway power supply, the completion of the goods transfer hall of the Mürren Railway, extensions of the web platform and the planning of the V-Cableway project.
As at 31 December 2017, the consolidated balance sheet shows a solidly funded company with an equity ratio of 81.6%. It has no interest-bearing liabilities and has cash and cash equivalents of CHF 82.3 million.
The Jungfrau Railway Group is therefore well prepared for the realization of the core elements of the V-Cableway project. To date, the company has invested CHF 108 million in this generational project. In addition to the already completed rolling stock renewals of the Wengernalp and Jungfrau Railway of CHF 93.5 million and the renewal of the corresponding power supply of CHF 3.4 million, planning costs of CHF 10 million were accrued for the sub-projects Eiger-Express, Terminal and Grund car park.